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Sale of ADESA U.S. Physical Auction Business and Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
The following table presents the results of operations for the ADESA U.S. physical auction business that have been reclassified to discontinued operations for all periods presented (in millions):
Year Ended December 31,
202320222021
Operating revenues$— $305.9 $881.3 
Operating expenses
Cost of services (exclusive of depreciation and amortization)— 224.9 582.4 
Selling, general and administrative— 67.8 148.7 
Depreciation and amortization— 11.2 73.0 
Total operating expenses— 303.9 804.1 
Operating profit
— 2.0 77.2 
Interest expense— 0.1 0.9 
Other (income) expense, net— (8.4)(11.0)
Income from discontinued operations before gain on disposal and income taxes
— 10.3 87.3 
Pretax gain on disposal of discontinued operations— 521.8 — 
Income taxes(0.7)319.5 20.0 
Income from discontinued operations$0.7 $212.6 $67.3 
The following table summarizes the major classes of assets and liabilities of the ADESA U.S. physical auction business that were classified as discontinued operations for the period presented (in millions):
May 8,
2022
Assets
Cash and cash equivalents$68.6 
Trade receivables, net of allowances206.3 
Inventory15.5 
Other current assets9.3 
Current assets of discontinued operations
299.7 
Goodwill1,099.7 
Customer relationships, net of accumulated amortization81.4 
Other intangible assets, net of accumulated amortization30.7 
Operating lease right-of-use assets223.7 
Property and equipment, net of accumulated depreciation440.1 
Other assets2.4 
Non-current assets of discontinued operations
1,878.0 
Total assets of discontinued operations
$2,177.7 
Liabilities
Accounts payable$249.5 
Accrued employee benefits and compensation expenses10.2 
Other accrued expenses28.2 
Current portion of operating lease liabilities27.7 
Current liabilities of discontinued operations
315.6 
Operating lease liabilities216.8 
Other liabilities2.0 
Non-current liabilities of discontinued operations
218.8 
Total liabilities of discontinued operations
$534.4